Articles
Build a relationship with your accountant
For many small business owners, the relationship they have with their accountant is very transactional. In other words, they meet with their accountant at year-end to file their taxes; and maybe on a quarterly basis to file their employee withholding or pay their quarterly estimated income taxes. At least that’s how I approached my accountant…
What is a Merchant Cash Advance
What is a Merchant Cash Advance? More than ever, small businesses are turning to alternative lending options to raise working capital. According to wagepoint.com this number rose by 60% from 2014 to 2015. A merchant cash advance is an alternative funding option that business owners can consider. Approval is largely based on the volume of…
When to get a small business loan
When to Get a Small Business Loan? Small business owners often turn to a small business loan or a line of credit when they look for borrowed capital to fuel growth or other business purpose. According to the Government of Canada, as of December 2015, there were 1.17 million employer businesses in Canada and 97.9…
Why would you need a fast small business loan?
Many businesses finance growth and meet short-term capital needs with a small business loan. There are times when fast access to additional capital, or access to a fast business loan, is critical to taking advantage of an opportunity to create additional ROI or meet a short-term business challenge. Unfortunately, because popular media promotes the idea…
Important small business financial metrics you need to know
I don’t think I’m alone when I suggest, that like many small business owners, I didn’t jump into business ownership because I was really excited about small business bookkeeping or accounting. I knew it was part of the deal, but it wasn’t the part of business ownership I was the most jazzed about. Nevertheless, there…
How to qualify for a small business loan in Canada
With all the different business loan options available today, qualifying for a loan is a possibility for almost every business owner – but it requires a more savvy approach to evaluating your options picking the loan that best suits you and your business’ situation. Lenders evaluate both your personal credit history and your business credit…
How to Get A Small Business Loan in Canada
Are you looking to obtain capital for your existing business or start-up in Canada? If you are, you are not alone. According to the Government of Canada, by the end of 2015, 31% of businesses had applied for financing at some point that year. People look for financing for a number of different reasons that…
A comprehensive guide to small business loans
Small Business Loans Many small businesses rely on borrowed capital to fuel growth and other initiatives. Depending upon the nature of the business need, a business’ credit profile, time in business, whether or not the business has adequate collateral, and other factors, there are more small business loan options available today than ever before. The…
6 steps to help you think more strategically
Building a Business Strategy for 2019 Thinking strategically and building a business strategy is an important exercise for all businesses—large and small. Unfortunately, many small business owners aren’t sure where to start, how a more strategic approach will impact their business, or if it’s even worth the time away from the important work of meeting…
12 quick ideas to make the holidays work for your small business and your family
Separation between work and home lives is a myth for most small business owners. (You’re likely living proof of this constant battle.) Time is your most valuable possession and the holiday season makes the overwhelming demand of your time much more noticeable to you and to your family members. For many business owners, the holiday…
Small business budgeting for the new year
Even if your business is not what is typically identified as a “seasonal” business, your business likely ebbs and flows with seasonal fluctuations—at least that’s been my experience over the last 35 or so years. Fortunately, after a couple of years at the helm of your business, those fluctuations can be anticipated; making it possible…
All you need to know about short-term loans: A quick recap
When you’re beginning your research into financing for your business, there are a lot of items you need to consider. The most common question is ‘what type of loan should I get?’ There’s a myth out in the business world that it’s best to get the most amount of money for the longest payback period…
Cash flow: What business owners should know
Cash flow is the lifeblood of every business. Without cash, it’s hard to purchase inventory, pay employees, and ultimately keep the doors open. In fact, according to PreferredCFO.com, 82% of small businesses fail because of poor cash flow management skills or a poor understanding of cash flow. “While there are multiple factors to consider with…
4 ways to recover from a rejected loan application
Most small business owners don’t jump into their entrepreneurial dream because they are experts at financing a business. As a result, it’s not uncommon for a loan application to be rejected. Sometimes it could be the creditworthiness of the business, the criteria of the lender, or simply not completely understanding what the lender considered when…
Getting into the holiday spirit: Tips from an Ottawa restaurateur on preparing for the busiest season of the year
The holiday season is typically the busiest time of year for Canadian small business owners, especially those in the restaurant industry. A 2017 Canadian Holiday Outlook Report from PwC Canada found that 58% of Canadian consumers plan to shop with local and independent retailers during the holidays, estimating that they will spend an average of…